5-10.3-5-1. Accounts in Fund
Sec. 1. Accounts in the Fund. The fund consists of separate annuity savings and retirement allowance accounts established and administered as specified in IC 5-10.2-2. As added by Acts 1977, P.L.53, SEC.3.
5-10.3-5-2. Employer Contributions; Federal Money
Sec. 2. Employer Contributions; Federal Moneys. (a) The state shall make contributions to the retirement allowance account as specified in IC 5-10.2-2. Participating political subdivisions shall make contributions as specified in chapter 6 of this article. (b) If members receive compensation from federal funds, the board shall at the end of each fiscal year determine […]
5-10.3-5-3. Investments of Assets; Management Agreements; Board Exemptions on Sale of Surplus Personal Property or State Property
Sec. 3. (a) The board shall invest its assets with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims. The board shall also diversify such investments in accordance with […]
5-10.3-5-3.1. Board Transactions Subject to Qualification Requirements of Internal Revenue Code
Sec. 3.1. The board’s transactions under section 3 of this chapter are subject to IC 5-10.2-2-1.5. As added by P.L.55-1989, SEC.22.
5-10.3-5-4. Investments
Sec. 4. (a) Securities shall be held for the fund by banks or trust companies under a custodial agreement. Income, interest, proceeds of sale, materials, redemptions, and all other receipts from securities and other investments which the board retains for the cash working balance shall be deposited as authorized by the board. (b) The board […]
5-10.3-5-5. Custodians
Sec. 5. (a) The custodians must be banks or trust companies that are domiciled in the United States and approved by the board to: (1) act in a fiduciary capacity; and (2) manage custodial accounts; on behalf of the fund. (b) The board is authorized to accept safekeeping receipts for securities held by the custodians. […]
5-10.3-5-6. Termination of Agreements
Sec. 6. Termination of Agreements and Contracts. The board may terminate contracts and custodial agreements with investment counsel, trust companies and banks and may recover securities and moneys held under the custodial agreements whenever the board considers these actions necessary to protect the fund. As added by Acts 1977, P.L.53, SEC.3.
5-10.3-5-7. Actuarial Reports; Status of Reserve Account; Charges Against Difference Between Reserves in Account and Accrued Liability
Sec. 7. (a) After each fiscal year, the actuary shall report the status of the reserve account for persons receiving benefits from the fund. The report must contain a statement of the reserves in the account and the accrued liability for these persons. (b) Taking into consideration the actuary’s report, the board shall after June […]